Intrinsic value of Autoliv - ALV

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$128.65

  Intrinsic Value

$130.43

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  Rating & Target

hold

+1%

Previous close

$128.65

 
Intrinsic value

$130.43

 
Up/down potential

+1%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ALV stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.86
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  10,074
  10,275
  10,512
  10,782
  11,085
  11,421
  11,790
  12,192
  12,626
  13,095
  13,597
  14,135
  14,708
  15,319
  15,968
  16,657
  17,387
  18,160
  18,977
  19,840
  20,752
  21,714
  22,728
  23,797
  24,924
  26,111
  27,360
  28,675
  30,059
  31,514
  33,046
Variable operating expenses, $m
 
  8,905
  9,106
  9,335
  9,592
  9,877
  10,190
  10,531
  10,900
  11,297
  11,723
  11,992
  12,479
  12,997
  13,548
  14,132
  14,752
  15,407
  16,101
  16,833
  17,606
  18,423
  19,283
  20,190
  21,146
  22,153
  23,213
  24,329
  25,503
  26,738
  28,037
Fixed operating expenses, $m
 
  514
  526
  540
  553
  567
  581
  596
  610
  626
  641
  657
  674
  691
  708
  726
  744
  762
  781
  801
  821
  841
  863
  884
  906
  929
  952
  976
  1,000
  1,025
  1,051
Total operating expenses, $m
  9,226
  9,419
  9,632
  9,875
  10,145
  10,444
  10,771
  11,127
  11,510
  11,923
  12,364
  12,649
  13,153
  13,688
  14,256
  14,858
  15,496
  16,169
  16,882
  17,634
  18,427
  19,264
  20,146
  21,074
  22,052
  23,082
  24,165
  25,305
  26,503
  27,763
  29,088
Operating income, $m
  848
  857
  880
  908
  940
  977
  1,019
  1,065
  1,116
  1,172
  1,233
  1,485
  1,556
  1,631
  1,712
  1,799
  1,892
  1,990
  2,095
  2,206
  2,324
  2,450
  2,582
  2,723
  2,872
  3,029
  3,195
  3,370
  3,556
  3,751
  3,958
EBITDA, $m
  1,231
  1,237
  1,264
  1,297
  1,336
  1,379
  1,428
  1,481
  1,541
  1,605
  1,675
  1,751
  1,832
  1,919
  2,013
  2,112
  2,218
  2,331
  2,452
  2,579
  2,714
  2,858
  3,010
  3,170
  3,340
  3,519
  3,709
  3,909
  4,121
  4,344
  4,579
Interest expense (income), $m
  64
  56
  59
  63
  68
  74
  80
  87
  94
  102
  110
  119
  129
  139
  150
  162
  175
  188
  202
  217
  232
  249
  266
  284
  304
  324
  345
  368
  392
  417
  443
Earnings before tax, $m
  804
  801
  821
  844
  872
  903
  939
  979
  1,022
  1,070
  1,122
  1,366
  1,427
  1,492
  1,562
  1,637
  1,717
  1,802
  1,893
  1,990
  2,092
  2,201
  2,316
  2,439
  2,568
  2,705
  2,849
  3,002
  3,164
  3,335
  3,515
Tax expense, $m
  242
  216
  222
  228
  235
  244
  254
  264
  276
  289
  303
  369
  385
  403
  422
  442
  464
  487
  511
  537
  565
  594
  625
  658
  693
  730
  769
  811
  854
  900
  949
Net income, $m
  567
  585
  599
  616
  636
  659
  686
  714
  746
  781
  819
  997
  1,041
  1,089
  1,140
  1,195
  1,253
  1,316
  1,382
  1,453
  1,527
  1,607
  1,691
  1,780
  1,875
  1,975
  2,080
  2,192
  2,310
  2,434
  2,566

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,227
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,234
  7,146
  7,310
  7,498
  7,709
  7,943
  8,199
  8,478
  8,780
  9,106
  9,456
  9,829
  10,228
  10,653
  11,104
  11,584
  12,091
  12,628
  13,197
  13,797
  14,431
  15,100
  15,805
  16,549
  17,332
  18,158
  19,026
  19,941
  20,903
  21,915
  22,980
Adjusted assets (=assets-cash), $m
  7,007
  7,146
  7,310
  7,498
  7,709
  7,943
  8,199
  8,478
  8,780
  9,106
  9,456
  9,829
  10,228
  10,653
  11,104
  11,584
  12,091
  12,628
  13,197
  13,797
  14,431
  15,100
  15,805
  16,549
  17,332
  18,158
  19,026
  19,941
  20,903
  21,915
  22,980
Revenue / Adjusted assets
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
Average production assets, $m
  1,718
  1,757
  1,798
  1,844
  1,896
  1,953
  2,016
  2,085
  2,159
  2,239
  2,325
  2,417
  2,515
  2,620
  2,731
  2,848
  2,973
  3,105
  3,245
  3,393
  3,549
  3,713
  3,887
  4,069
  4,262
  4,465
  4,679
  4,903
  5,140
  5,389
  5,651
Working capital, $m
  1,543
  545
  557
  571
  588
  605
  625
  646
  669
  694
  721
  749
  780
  812
  846
  883
  922
  962
  1,006
  1,052
  1,100
  1,151
  1,205
  1,261
  1,321
  1,384
  1,450
  1,520
  1,593
  1,670
  1,751
Total debt, $m
  1,543
  1,409
  1,511
  1,627
  1,758
  1,902
  2,061
  2,234
  2,421
  2,623
  2,839
  3,070
  3,317
  3,580
  3,860
  4,156
  4,470
  4,803
  5,155
  5,526
  5,919
  6,333
  6,770
  7,230
  7,715
  8,226
  8,763
  9,329
  9,925
  10,552
  11,211
Total liabilities, $m
  4,557
  4,423
  4,525
  4,641
  4,772
  4,916
  5,075
  5,248
  5,435
  5,637
  5,853
  6,084
  6,331
  6,594
  6,874
  7,170
  7,484
  7,817
  8,169
  8,540
  8,933
  9,347
  9,784
  10,244
  10,729
  11,240
  11,777
  12,343
  12,939
  13,566
  14,225
Total equity, $m
  3,677
  2,723
  2,785
  2,857
  2,937
  3,026
  3,124
  3,230
  3,345
  3,469
  3,603
  3,745
  3,897
  4,059
  4,231
  4,413
  4,607
  4,811
  5,028
  5,257
  5,498
  5,753
  6,022
  6,305
  6,604
  6,918
  7,249
  7,597
  7,964
  8,350
  8,755
Total liabilities and equity, $m
  8,234
  7,146
  7,310
  7,498
  7,709
  7,942
  8,199
  8,478
  8,780
  9,106
  9,456
  9,829
  10,228
  10,653
  11,105
  11,583
  12,091
  12,628
  13,197
  13,797
  14,431
  15,100
  15,806
  16,549
  17,333
  18,158
  19,026
  19,940
  20,903
  21,916
  22,980
Debt-to-equity ratio
  0.420
  0.520
  0.540
  0.570
  0.600
  0.630
  0.660
  0.690
  0.720
  0.760
  0.790
  0.820
  0.850
  0.880
  0.910
  0.940
  0.970
  1.000
  1.030
  1.050
  1.080
  1.100
  1.120
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
Adjusted equity ratio
  0.350
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  567
  585
  599
  616
  636
  659
  686
  714
  746
  781
  819
  997
  1,041
  1,089
  1,140
  1,195
  1,253
  1,316
  1,382
  1,453
  1,527
  1,607
  1,691
  1,780
  1,875
  1,975
  2,080
  2,192
  2,310
  2,434
  2,566
Depreciation, amort., depletion, $m
  383
  380
  385
  390
  395
  402
  409
  416
  424
  433
  443
  266
  276
  288
  300
  313
  327
  341
  357
  373
  390
  408
  427
  447
  468
  491
  514
  539
  565
  592
  621
Funds from operations, $m
  790
  965
  984
  1,006
  1,032
  1,061
  1,094
  1,131
  1,171
  1,214
  1,262
  1,263
  1,318
  1,377
  1,440
  1,508
  1,580
  1,657
  1,739
  1,825
  1,917
  2,015
  2,118
  2,227
  2,343
  2,465
  2,594
  2,731
  2,875
  3,026
  3,187
Change in working capital, $m
  -78
  11
  13
  14
  16
  18
  20
  21
  23
  25
  27
  28
  30
  32
  34
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
Cash from operations, $m
  868
  954
  971
  992
  1,016
  1,043
  1,075
  1,109
  1,148
  1,190
  1,235
  1,234
  1,287
  1,345
  1,406
  1,472
  1,542
  1,616
  1,695
  1,780
  1,869
  1,964
  2,064
  2,171
  2,283
  2,402
  2,528
  2,661
  2,801
  2,949
  3,106
Maintenance CAPEX, $m
  0
  -189
  -193
  -198
  -203
  -208
  -215
  -222
  -229
  -237
  -246
  -256
  -266
  -276
  -288
  -300
  -313
  -327
  -341
  -357
  -373
  -390
  -408
  -427
  -447
  -468
  -491
  -514
  -539
  -565
  -592
New CAPEX, $m
  -507
  -39
  -40
  -46
  -52
  -57
  -63
  -69
  -74
  -80
  -86
  -92
  -98
  -104
  -111
  -118
  -125
  -132
  -140
  -148
  -156
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
Cash from investing activities, $m
  -726
  -228
  -233
  -244
  -255
  -265
  -278
  -291
  -303
  -317
  -332
  -348
  -364
  -380
  -399
  -418
  -438
  -459
  -481
  -505
  -529
  -554
  -581
  -610
  -640
  -671
  -705
  -739
  -776
  -814
  -854
Free cash flow, $m
  142
  727
  738
  748
  761
  778
  797
  819
  844
  872
  903
  887
  924
  964
  1,007
  1,054
  1,104
  1,157
  1,214
  1,275
  1,340
  1,409
  1,483
  1,561
  1,643
  1,731
  1,824
  1,922
  2,026
  2,136
  2,252
Issuance/(repayment) of debt, $m
  -3
  86
  102
  116
  131
  145
  159
  173
  187
  202
  216
  231
  247
  263
  279
  297
  314
  333
  352
  372
  392
  414
  437
  460
  485
  511
  538
  566
  596
  627
  659
Issuance/(repurchase) of shares, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  3
  86
  102
  116
  131
  145
  159
  173
  187
  202
  216
  231
  247
  263
  279
  297
  314
  333
  352
  372
  392
  414
  437
  460
  485
  511
  538
  566
  596
  627
  659
Total cash flow (excl. dividends), $m
  96
  813
  839
  864
  892
  922
  956
  992
  1,031
  1,074
  1,120
  1,118
  1,171
  1,227
  1,287
  1,350
  1,418
  1,490
  1,566
  1,647
  1,733
  1,824
  1,920
  2,021
  2,128
  2,242
  2,362
  2,488
  2,621
  2,762
  2,911
Retained Cash Flow (-), $m
  -221
  -53
  -63
  -72
  -80
  -89
  -98
  -106
  -115
  -124
  -133
  -142
  -152
  -162
  -172
  -183
  -193
  -205
  -217
  -229
  -242
  -255
  -269
  -283
  -298
  -314
  -331
  -348
  -367
  -386
  -406
Prev. year cash balance distribution, $m
 
  1,007
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,767
  777
  793
  811
  833
  858
  886
  916
  950
  986
  976
  1,019
  1,065
  1,115
  1,168
  1,225
  1,285
  1,350
  1,418
  1,491
  1,569
  1,651
  1,738
  1,830
  1,927
  2,031
  2,140
  2,255
  2,376
  2,505
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,694
  711
  690
  668
  646
  623
  598
  573
  546
  517
  463
  435
  405
  374
  343
  311
  280
  249
  218
  189
  162
  137
  114
  93
  75
  59
  46
  35
  26
  19
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Autoliv, Inc. is a supplier of automotive safety systems with a range of product offerings, including passive safety systems and active safety systems. The Company operates through two segments: Passive Safety and Electronics. The Passive safety products include modules and components for passenger and driver-side airbags, side-impact airbag protection systems, seatbelts, steering wheels, inflator technologies, whiplash protection systems and child seats, and components for such systems, as well as passive safety electronic products, such as restraint electronics and crash sensors. The Active safety products include camera-based vision systems, night driving assist, automotive radars, brake controls, positioning systems, electronic control units, and other active safety systems. As of December 31, 2016, including joint venture operations, the Company had approximately 78 production facilities in 25 countries, consisting of both component factories and assembly factories.

FINANCIAL RATIOS  of  Autoliv (ALV)

Valuation Ratios
P/E Ratio 20
Price to Sales 1.1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow 31.4
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.8%
Cap. Spend. - 3 Yr. Gr. Rate 5.6%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 36%
Total Debt to Equity 42%
Interest Coverage 14
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 15.9%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 20.4%
Gross Margin - 3 Yr. Avg. 20%
EBITDA Margin 12.4%
EBITDA Margin - 3 Yr. Avg. 11.7%
Operating Margin 8.4%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 30.1%
Eff/ Tax Rate - 3 Yr. Avg. 30.7%
Payout Ratio 35.8%

ALV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALV stock intrinsic value calculation we used $10074 million for the last fiscal year's total revenue generated by Autoliv. The default revenue input number comes from 2016 income statement of Autoliv. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ALV stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ALV is calculated based on our internal credit rating of Autoliv, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Autoliv.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ALV stock the variable cost ratio is equal to 86.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $501 million in the base year in the intrinsic value calculation for ALV stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.2% for Autoliv.

Corporate tax rate of 27% is the nominal tax rate for Autoliv. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ALV stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ALV are equal to 17.1%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Autoliv operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ALV is equal to 5.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3677 million for Autoliv - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 86.932 million for Autoliv is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Autoliv at the current share price and the inputted number of shares is $11.2 billion.

RELATED COMPANIES Price Int.Val. Rating
TM Toyota Motor A 124.45 173.50  buy
DLPH Delphi Automot 51.00 75.78  sell

COMPANY NEWS

▶ ETFs with exposure to Autoliv, Inc. : December 1, 2017   [Dec-01-17 10:23AM  Capital Cube]
▶ Sartori Says Renewable Energy To Supplant Oil Consumption   [Nov-17-17 09:07AM  Bloomberg Video]
▶ Allianz Sticks to Forecast Range, Plans Share Buyback   [Nov-10-17 02:39AM  Bloomberg Video]
▶ El-Erian Says Market Must Consider Saudi Crackdown   [Nov-06-17 09:45AM  Bloomberg Video]
▶ El-Erian Says Dudley Retirement Is a Big Loss   [09:15AM  Bloomberg Video]
▶ ETFs with exposure to Autoliv, Inc. : October 30, 2017   [Oct-30-17 11:22AM  Capital Cube]
▶ Autoliv Inc. Hit Its Targets   [Oct-26-17 12:14PM  Motley Fool]
▶ Autoliv tops Street 3Q forecasts   [09:33AM  Associated Press]
▶ El-Erian Says Saudi Arabia Has Made Progress   [06:28AM  Bloomberg Video]
▶ Autoliv Inc. to Host Earnings Call   [Oct-24-17 06:05AM  ACCESSWIRE]
▶ El-Erian Sees Debt Reduction in Puerto Rico's Future   [Oct-04-17 09:42AM  Bloomberg Video]
▶ Invitation to Autoliv's Q3 2017 Teleconference   [Sep-29-17 05:34AM  PR Newswire]
▶ El-Erian, Folkerts-Landau on China, FX Markets   [04:57AM  Bloomberg Video]
▶ El-Erian Says Currencies Suffer 'Hot Potato Syndrome'   [Sep-28-17 06:43AM  Bloomberg Video]
▶ Delphi plans split into tech, traditional companies by April   [Sep-27-17 02:03PM  Associated Press]
▶ Autoliv Skyrockets On Autonomous-Driving Spinoff Plan   [04:02PM  Investor's Business Daily]
▶ Why Shares of Autoliv Jumped 12% Today   [02:36PM  Motley Fool]
▶ [$$] Autoliv Considers Split Into Two Listed Companies   [06:27AM  The Wall Street Journal]
▶ Mohamed El-Erian Sees Tricky Time for Depleted Fed   [Sep-08-17 10:27AM  Bloomberg Video]
▶ AllianzGI's Dwane Says Markets See U.S.-N. Korea Bluff   [Sep-05-17 09:17AM  Bloomberg Video]
▶ Autoliv Declares Dividend   [05:33AM  PR Newswire]
▶ Autoliv Declares Dividend   [05:26AM  PR Newswire]
Financial statements of ALV
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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